CCI approves MUFG Bank’s stake buy in Shiprocket
Competition Commission of India (CCI) has approved the acquisition of certain shareholding of Shiprocket Private Ltd (Shiprocket) by MUFG Bank, Ltd.
The Acquirer is incorporated in Japan and is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), being the ultimate parent company. It is engaged in banking services in India.
The Target operates a logistics platform whereby it provides logistics services to other businesses, domestically and internationally, through logistics service providers listed on its platform.
GMR Infra -ADIA Deal
Competition watchdog has also approved subscription to optionally convertible debentures of GMR Infra Enterprises Private Ltd (GMR Infra) by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Ltd).
The proposed combination involves subscription to unlisted and unrated optionally convertible debentures (OCDs) of GMR Infra (Target SPV) by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Ltd) (Acquirer).
Prior to the issuance of OCDs, as well as post the Acquirer’s subscription to the OCDs, the Target SPV will acquire a cumulative of approximately 9 per cent of the shareholding (on a fully diluted basis) of GMR Airports Ltd (GAL) from its promoter, i.e., GMR Enterprises Private Ltd (GEPL).
Such shareholding of GAL held by the Target SPV will be pledged in favour of the Acquirer with a view to secure the OCD subscription amount (Proposed Combination).
The Acquirer is a trust established under the laws of the Abu Dhabi Global Market, Abu Dhabi, United Arab Emirates (acting through its Trustee, Platinum Rock B 2014 RSC Ltd), whose sole beneficiary is The Abu Dhabi Investment Authority (ADIA), a public institution established by the Government of the Emirate of Abu Dhabi as an independent investment institution.
GAL is a public company with its shares listed on the stock exchanges.
GAL, through its subsidiaries, is engaged in developing, managing, and operating airports in India and around the world, while also being engaged in associated business activities. In India, GAL currently operates and manages three operational airports, through Delhi International Airport Ltd, GMR Hyderabad International Airport Ltd and GMR Goa International Airport Ltd. The Target SPV does not have any business operations at present.